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The Valley’s High-End Rentals Grew 500% Over Last Few Years!

Modern corner unit with floor-to-ceiling windows and panoramic city views.

The Valley's High-End Rentals Grew 500% Over Last Few Years!

Millionaire Renters Skyrocket

Big money is skipping the mortgage. In Greater Phoenix, wealthy renters are piling up fast, flipping old ideas about what high earners do with their cash.

Huge Spike In The Valley

New data from RentCafe shows millionaire renters exploding in The Valley. Between 2019 and 2023, the number jumped 519%, putting Phoenix sixth nationwide for growth.

Millionaire homeowners are rising too, but renters are climbing even faster. The luxury rental market is swelling fast.

Also Read: Home Builders Cut Prices & Boost Incentives In Greater Phoenix

High-End Rentals Draw Deep Pockets

Camelback Corridor made waves when The Bergen opened. With prices from $8,000 to $16,000 monthly, it showed how far the luxury rental scene is reaching.

Renters want flexibility. Developers keep building to meet demand for fully-loaded, hassle-free living.

Millennials Out In Front

Younger high-earners are driving much of this shift.

Millionaire homeowners tilt older. Gen X leads at 43%, followed by boomers at 36%, and millennials at 16%.

Arizona Wealth Climbs Fast

Phoenix’s millionaire renter surge reflects a bigger trend across Arizona.

Remote work, market gains, and tech expansion drive these moves. The Valley’s high-end housing market is adapting quickly.

Also Read: Construction In Greater Phoenix Reshaping The Valley’s Future

Nationwide Growth Mirrors The Valley

The national millionaire count tells a similar story. Across the country, wealthy households keep multiplying.

While Phoenix ranks sixth for renter growth, metros like Houston, Dallas, Miami, Atlanta, and Virginia Beach grew even faster.

Renting Millionaires Reshape The Market

More wealthy households are choosing rentals. They want flexibility, location freedom, and fully-serviced living without the upkeep of ownership. Arizona’s luxury rental builders are keeping pace, and this shift shows no signs of cooling.

Also Read: Luxury Housing Market In Arizona & The Valley Summer Shift

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